Pre-open eMini SP 500 Morning Report 6.1.10

This is a guest post from Precision Capital Management

echnical problems delayed the report this morning

The Precise Take – Equity futures down, but not out

Big Picture Analysis:  After a number of false starts, equities continue to disappoint.  The ES, having rejected the next higher value area last Friday continues to flounder in its lowest one (red, below).  The 1085.00 high volume level is key.  If it is rejected today, it could lead to a selloff to new lows.  If the ES accepts above, there should be an ensuing rally.   

Leaders Analysis:  The US Dollar Index again tested its May 19 87.46 high and rejected it, now trading in the middle of its overnight range.  The EuroYen and long term Treasury yields are down, with gold higher.  For today, the leaders are slightly equities bearish.

Read the whole report here: